As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $2,600 cash during the year. Cash Accounts receivable Supplies Equipment Accounts payable Armani, Capital, December 31, prior year Armani, Capital, December 31, current year Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $ 11,600 10,600 7,600 6,600 14,200 17,600 22,200 14,600 36,200 25,200 21,600 13,600 9,600 Required: Prepare the current year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31 Assets Liabilities Total liabilities Equity Total assets 2$ 0 Total liabilities and equity 24

(Appendix 3.1) Vickelly Company uses cash-basis accounting. At the end of the current year, Vickelly's checkbook shows cash receipts from customers of $112,000 and cash payments for operating expenses of $48,000 for the year. At the end of the year, Vickelly determined that customers owed it $12,000, and it owed creditors $10,00o. Compute Vickelly's sales revenue, operating expenses, and net income on an accrual basis.

Line following information applies to the questions displayed below.j The following transactions apply to Park Company for Year 1: 1. Received $31,000 cash from the issue of common stock. 2. Purchased inventory on account for $143,000. 3. Sold inventory for $172,500 cash that had cost $105,500. Sales tax was collected at the rate of 8 percent on the inventory sold. 4. Borrowed $24,000 from First State Bank on March 1, Year 1. The note had a 8 percent interest rate and a one-year term to maturity. 5. Paid the accounts payable (see transaction 2). 6. Paid the sales tax due on $153,500 of sales. Sales tax on the other $19,000 is not due until after the end of the year. 7. Salaries for the year for one employee amounted to $28,000. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income tax withheld was $5,300. 8. Paid $2,600 for warranty repairs during the year. 9. Paid $12,000 of other operating expenses during the year. 10. Paid a…

1. Consider the following financial information about Sam's Cake Factory for Dec. 31, 1999. The company assets are cash, $3,350; notes receivable, $1,546; accounts receivable, $4,675; merchandise inventory, $2,345; land, $90,125; equipment, $15,560. The liabilities are accounts payable, $18,575; wages payable, $25,432; notes payable, $26,821. The owner's cap- ital is $46,773. We also have the following financial information for Dec. 31, 1998: The company assets are cash, $2,200; notes receiv- able, $1,490; accounts receivable, $4,496; merchandise inventory, $2,857; land, $85,945; equipment, $17,651. The liabili- ties are accounts payable, $16,532; wages payable, $22,351; notes payable, $24,956. The owner's capital is $50,700. (a) Create a balance sheet for each of the above. (b) Perform a vertical analysis on each balance sheet. (c) Perform a comparative analysis of the two balance sheets. (d) Perform a horizontal analysis using the two balance sheets.

On June 30, Year 3, Rundle Company's total current assets were $501,000 and its total current liabilities were $274,000. On July 1, Year 3, Rundle issued a short-term note to a bank for $39,400 cash. Required a. Compute Rundle's working capital before and after issuing the note. b. Compute Rundle's current ratio before and after issuing the note. (Round your answers to 2 decimal places.) Before the After the transaction transaction a. Working capital b. Current ratio MacBook Air 80 DII DD F2 F3 F4 F5 F6 F7 F8 F9 F10 23 2$ & * 3 4 6. 7 E R Y D F G H J K この * CO

On June 30, Year 3, Campbell Company's total current assets were $503,000 and its total current liabilities were $270,500. On July 1, Year 3, Campbell issued a short-term note to a bank for $38,200 cash. Required a. Compute Campbell's working capital before and after issuing the note. b. Compute Campbell's current ratio before and after issuing the note. Note: Round your answers to 2 decimal places. a. Working capital b. Current ratio Before the Transaction After the Transaction

"Marquis Smith started IT Consulting Services Incorporated on January 1, Year 1. The company experienced the following events during its first year of operation 1 On June 1 Year 1, the company borrowed $21.600 cash from the bank. The note had a one-year term and 6% annual interest rate 2. On December 31. Year 1, the company adjusted the accounting records to recognize accrued interest expense on the bank note Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA) Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Event Number Assets Cash 21 600 2 Total CNet change in cash 01 21.600 Notes Payable 21,600…

Husky Company has provided the following information for its most recent year of operation:   Cash collected from customers totaled $90,000. Cash borrowed from banks totaled $33,100. Cash paid to employees for salaries totaled $32,800. Cash received from selling Husky common stock to stockholders totaled $48,000. Cash payments to banks for repayment of money borrowed totaled $8,200. Cash paid to suppliers totaled $8,600. Land costing $26,000 was sold for $26,000 cash. Cash paid for dividends to stockholders totaled $4,000.   How much was Husky's cash flow from operating activities?

The following summary transactions occurred during the year for Bluebonnet. Cash received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders $380,000 6,000 Cash flows from investing activities: -50,000 30,000 100,000 Net cash flows from investing activities 160,000 5,000 85,000 90,000 Required: Calculate net cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.) 25,000 20,000 BLUEBONNET COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $ 0

Of the following transactions, which should be recorded as income? Of the following transactions, which should be recorded as income? Harry's Hats sold inventory on credit for $ 3000. Chandler & Co Plumbing's owner contributes $10 000 of personal funds to the business. M. Witham borrowed $80 000 from the bank. T. O'Toole pays $5500 for goods sold to her on credit last month.